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Most of you are acquainted with Microstrategy (ticker MSTR). Back in the Internet bubble, it was one of the poster children for the collapse, having plunged from about $3,300 to about 1% of that amount. It was absolutely catastrophic (and, to this day, I have no idea what products or services they make). Somehow they survived.
Just as I was obsessed with the price level of 1706 on Ethereum (which turned out to be awfully important), so too have I been watching the horizontal on $ETH which constitutes a powerful bullish pattern. It was quite interesting this weekend that, yes, it did break above that level with a touch of drama, but it virtually instantly reversed.
It could be nothing. But it’s awfully interesting how the market recognized the importance of this breakout level, only to smack it right back down.
As a follow-up to last night’s post about gap-sealing, I wanted to turn our attention to the two big crypto charts and check in on the Animal Spirits.
After the dramatic failure at 1705 last Friday (arrow below), Ethereum and the whole crypto space went into a free-fall. Since that time, it has hammered out a perfectly-formed inverted H&S pattern. This, for the bulls, should be the most encouraging chart around, since it speaks to a meaningful push higher in the final week of 2022’s first half.
Part of the reason crypto has been falling to pieces is because Celsius (which pledged huge interest rate returns and the ability to get your money out at any time…………..and then froze assets) plunged hard. It has, in recent hours, had an explosive, bear-destroying move higher. As a chartist, however, I look at a chart like this and conclude it’s screwed ‘n’ tattooed.
